September 26, 2020

Friday Footnotes: A Spate of Scandals; Client Acceptance; Fed Lending | 7.17.20

AICPA Digital Assets Practice Aid Examines Client Acceptance and Continuance [CPA Practice Advisor The American Institute of CPAs (AICPA) has updated its Practice Aid Accounting for and Auditing of Digital Assets, to include nonauthoritative guidance on how to audit digital assets. This new material will complement accounting guidance issued last year. It is based on professional literature and experience from members of the AICPA Digital Assets Working Group (DAWG) and AICPA staff, and is specific to U.S. generally accepted auditing standards (GAAS).]

Fed expands Main Street Lending Program to more not-for-profits [Journal of Accountancy] The Federal Reserve Board announced Friday that it has modified the Main Street Lending Program to provide greater access to credit for not-for-profit organizations such as educational institutions, hospitals, and social service organizations. Specifically, the board approved two new loan options to help not-for-profits that were in sound financial condition before the COVID-19 pandemic hit.

Accountants busier than ever as tax deadline approaches [News Channel 12] The postponed tax filing deadline is Wednesday, and accountants in eastern North Carolina say they are flooded with work. NewsChannel 12 spoke with more than 30 tax filing businesses in the area that said their accountants are busier than ever – including FASTAX in New Bern. Co-owner Gayle George said this year’s tax season looks a lot different.

How A Restaurant Accountant Is Making It Work After Being Made Redundant [Bustle] Having worked as an accountant in practice for five years, in January I started my dream job as an industry accountant working for a restaurant. The support office team was about 20 people, and it was great being part of the team. I worked the standard Monday-Friday 9-5:30, but most days we worked some overtime (always expected in finance), and just before the outbreak I was also working some weekends as I sorted out the year end accounts.

What Entrepreneurs Really Need To Know About Accounting [Forbes] In which non-accounting dipshits wax poetic about accounting.

How U.K. Audit Scandals Pushed Big Four Toward Split [Washington Post] A spate of scandals has put accounting firms in the U.K. on the back foot. The collapse of Carillion Plc, and subsequently Thomas Cook Group Plc, have been among cases that raised questions about auditing standards at the so-called Big Four firms. In response, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers have agreed to separate their auditing and consulting departments by 2024 to avert possible conflicts of interest, a move that critics say doesn’t go far enough.

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